CBN moves to check illicit financing, partners security agencies

The Central Bank of Nigeria, CBN, plans to closely monitor the recapitalisation of the Nigerian banking sector, in collaboration with law enforcement agencies.
The move is intended to prevent illicit financing in the sector.
The Director of the CBN’s Financial Policy and Regulation Department, Haruna Mustafa, disclosed this in a circular on Friday.
The circular addressed commercial, merchant and non-interest banks, including promoters of proposed banks, regarding the new minimum capital requirements for banks.